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Economy / Argentina

Finance Secretary Rules Out Default

April 2009 | Ratings Update

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Argentine Finance Secretary Hernan Lorenzino has told local news sources that he is ruling out a sovereign default. While we agree that in the short term the Argentine authorities can meet their external debt repayments, the outlook for 2010 is less sanguine. One positive is the recent thawing of relations between the Argentine government and the IMF, which suggests that a loan package may be available if President Cristina Fernández allows the IMF to conduct an assessment of the economy. In our view, it is becoming increasingly likely that a loan package is arranged, but we cannot rule out a